US Congressman to review all Binance US files related to consumer safety

The CEO of Binance US was reached out by a Subcommittee chairman for producing various documents — in an attempt to help review the measure taken to protect investors.

120 Total views

3 Total shares

US Congressman to review all Binance US files related to consumer safety

Brian Shroder, the president and CEO of Binance US, received a federal letter requesting the urgent disclosure of official documents that prove the exchange’s adherence to various investor-centric safety protocols. The request comes from a Subcommittee chairman under the United States House Committee on Oversight and Government Reform.

In the letter addressed to Shroder, Congressman Raja Krishnamoorthi from the Subcommittee on Economic and Consumer Policy highlighted the lack of participation from crypto exchanges in helping the US government curb financial fraud and protect investors, stating:

“I am concerned by the rapid growth of fraud and consumer abuse. I am also concerned by the apparent lack of action by cryptocurrency exchanges to protect consumers conducting transactions through their platforms.”

Krishnamoorthi showed skepticism in the vetting process that goes behind listing tokens on crypto exchanges, which ultimately increases the risks for the investors. Binance US, being a subsidiary of the biggest crypto exchange Binance, was reached out by the Subcommittee for producing various documents — in an attempt to help review the depth of their aforementioned concerns.

Binance US will require to produce all requested documents since it began operation and has been given a deadline of less than two weeks, Sept. 12, 2022, to produce the same, as shown below.

afde875f 90aa 4ac4 bd5c 8333020ba53e
Snippet of the letter with document checklist for Binance US. Source: oversight.house.gov

Speaking on behalf of the US Congress, Krishnamoorthi reiterated that crypto exchanges must take proactive measures to ensure investor safety “By implementing audit policies, requiring certain disclosures, delisting, and adopting other safety mechanisms.”

In addition to the documents, Shroder has also been asked to answer questions disclosing the tools and mechanisms implemented by the exchange to reduce risks, fraud and scams.

Related: Congress will likely decide the fate of crypto jurisdiction — Lummis staffer

A recent survey revealed that 46% of adult crypto users in the United States witnessed loss in investments amid the ongoing crypto winter.

4f46d90b a0da 43b0 8075 6761fbba8e36

A vast majority of the respondents tried investing in cryptocurrency while looking for a “different way to invest,” and thought it was a “good way to make money.”

(Visited 1 times, 1 visits today)

READ:   4 Nominees for Positions Within DOD Testify Before Senate
Only authentic Gist, News and Gossips around Nigeria.

Related Posts

dnata-and-menzies-deal-averts-industrial-action

Dnata and Menzies deal averts industrial action

Dnata catering staff and Menzies ground handlers have called off a vote on industrial action after securing pay rises and job security protections. The TWU’s national secretary, Michael Kaine, said the raise and improvements to job security would make a “huge difference” to workers who’ve been under “immense financial pressure”. The news also averts any

‘i-accept-being-ordinary’:-china’s-youth-are-turning-their-backs-on-hustle-culture

‘I accept being ordinary’: China’s youth are turning their backs on hustle culture

Crystal Guo says she typically works for about six months to a year before quitting.It’s what the 30-year-old describes as her new lifestyle of “intermittent working and persistent lying flat.” Young people in China are growing disillusioned and frustrated with work and life, and some are now turning their backs on a crushing hustle culture as

austin-remembers-prisoners-of-war,-service-members-deemed-missing-in-action

Austin Remembers Prisoners of War, Service Members Deemed Missing in Action

Secretary of Defense Lloyd J. Austin III met today at the Pentagon with former prisoners of war, families of military members missing in action and staff from embassies of nations. The DOD works with these groups to account for missing American personnel and commemorate National POW/MIA Recognition Day. “Every year on National POW/MIA Recognition Day

wallets-like-metamask-need-to-become-more-user-friendly

Wallets like MetaMask need to become more user-friendly

After Ethereum’s long-awaited Merge, it’s an ideal time to think about how we can also improve smart contracts. Essentially apps that run on blockchains, smart contracts are a vital component of our Web3 applications. But interacting with them remains quite dangerous, especially for non-developers. Many of the incidents where users lose their crypto assets are

air-new-zealand-to-receive-first-saf-shipment

Air New Zealand to receive first SAF shipment

A three-year-old Air New Zealand A321, ZK-NNB, as shot by Victor Pody Air New Zealand will next week receive its first shipment of sustainable aviation fuel derived from used cooking oil. The 1.2 million litre delivery, equivalent to fuelling 400 return flights between Auckland and Wellington, will be used to test the supply chain to

biden-white-house-just-put-out-a-framework-on-regulating-crypto-—-here’s-what’s-in-it

Biden White House just put out a framework on regulating crypto — here’s what’s in it

U.S. President Joe Biden walks from Marine One to the White House following a trip from Michigan, in Washington, U.S., September 14, 2022. Tom Brenner | ReutersThe Biden White House has just released its first-ever framework on what crypto regulation in the U.S. should look like — including ways in which the financial services industry should

Leave a Reply

Your email address will not be published.